ProPetro (NYSE:PUMP) Price Target Cut to $11.00 by Analysts at Barclays

ProPetro (NYSE:PUMP) had its price objective cut by Barclays from $12.00 to $11.00 in a report released on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also recently issued reports on PUMP. Citigroup boosted their price objective on ProPetro from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Benchmark reissued a “hold” rating on shares of ProPetro in a report on Thursday, February 20th. Stifel Nicolaus boosted their price objective on ProPetro from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. raised ProPetro from an “underweight” rating to a “neutral” rating and set a $10.00 price target for the company in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, ProPetro currently has an average rating of “Hold” and an average target price of $10.75.

ProPetro Stock Performance

Shares of PUMP stock opened at $7.66 on Monday. The stock has a market cap of $790.27 million, a PE ratio of -5.72 and a beta of 1.98. The business has a 50-day simple moving average of $9.45 and a 200-day simple moving average of $8.54. The company has a quick ratio of 1.14, a current ratio of 1.31 and a debt-to-equity ratio of 0.06. ProPetro has a 52-week low of $6.53 and a 52-week high of $11.17.

Hedge Funds Weigh In On ProPetro

A number of large investors have recently bought and sold shares of PUMP. Pacer Advisors Inc. raised its holdings in ProPetro by 95.4% in the 3rd quarter. Pacer Advisors Inc. now owns 7,152,687 shares of the company’s stock worth $54,790,000 after purchasing an additional 3,491,723 shares during the period. Sourcerock Group LLC purchased a new stake in ProPetro during the 4th quarter worth approximately $14,079,000. Van ECK Associates Corp increased its stake in ProPetro by 57.3% during the 4th quarter. Van ECK Associates Corp now owns 1,527,598 shares of the company’s stock worth $14,253,000 after buying an additional 556,747 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in ProPetro during the 4th quarter worth approximately $4,934,000. Finally, Point72 Asset Management L.P. purchased a new stake in ProPetro during the 3rd quarter worth approximately $3,525,000. Institutional investors and hedge funds own 84.70% of the company’s stock.

About ProPetro

ProPetro Holding Corp. operates as an integrated oilfield services company. The company provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.